KARACHI: The State Bank of Pakistan (SBP) on Monday said during the first quarter of current fiscal year FY-20, Pakistan’s economy moved progressively along the adjustment path, however, inflation reached the highest level during the last seven years. The central bank, however, foresaw a notable drop in the current account deficit, projecting the deficit would remain in the range of 1.5% to 2.5% of gross domestic product (GDP) compared to the 3% target for the year. The drop is expected on the back of a massive reduction in imports, which is expected to offset the impact of low foreign income on account of sluggish exports and stagnant workers’ remittances.